National Real Estate - Homeowners More Confident in Selling, Home Prices and Overall Market



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Homeowners More Confident in Selling, Home Prices and Overall Market

 
Reports throughout much of 2012 have been emphasizing the high affordability of the market for those looking to purchase a property. However, a new report shows that homeowners who intend to sell their home are more confident in many ways when it comes to completing a successful transaction.

Monday, November 19th, 2012


Reports throughout much of 2012 have been emphasizing the high affordability of the market for those looking to purchase a property. However, a new report shows that homeowners who intend to sell their home are more confident in many ways when it comes to completing a successful transaction.

Data from Redfin's Real-Time Home Seller Survey reveals that the number of respondents who believe now is a good time to list their homes for sale increased in the third quarter when compared to the previous quarter, from 13 percent to 15 percent. Additionally, 58 percent believe it is an optimal time buy, down slightly from the 61 percent who agreed with this in the last quarter. The slight decrease may reflect increasing home prices, which may prevent some buyers from making the investment, though benefiting sellers.

According to survey results, 31 percent say they plan on pricing their home with a higher asking price when compared to asking prices of completed sales in their area. This matches the beliefs from respondents in the previous quarter, however, 83 percent of homeowners answered they would be willing to wait to sell if it meant they could get a higher price. During this waiting period, some homeowners may choose to rent out their property until the market posts significant gains, as 43 percent of those surveyed said they would do so rather than selling their investment.

As the overall economy continues its slow recovery, many housing market factors will also improve. However, 40 percent of respondents noted that the state of the economy weighs heavily on their mind when considering selling their home, though this is down from 49 percent who agreed in the previous quarter.

"Economists agree that the market hit bottom some time earlier this year and low interest rates have brought out more buyers than we've seen in years, but most sellers decided to wait for better prices," said Glenn Kelman, CEO of Redfin. "These attitudes aren't changing dramatically from one quarter to the next, but the direction has been remarkably consistent among both buyers and sellers: the market is slowly tilting in sellers' favor."

National real estate trends have a major impact on the real estate market on a daily basis. Keeping up-to-date on the latest news and notes posted by GL Homes can make sure those looking for South Florida homes know exactly how the current market will affect them.